A Study on Problems of a Cashless Society in India

Abstract

With the rising usage of credit/debit cards, digital wallets, e-payments, and digital transfers, India is heading toward a cashless economy.  The idea has gained more traction because of the idea of a digital India. The new lingo for India is virtual commerce, e-cash, e-commerce, electronic financial transfers, etc. Even while it is widely accepted that a cashless economy is necessary today, the question is: Is India, with its wide range of economic activity and pervasive economic inequality, prepared for such a transition? This essay examines the obstacles and difficulties connected with doing commercial transactions in contemporary culture without using currency. The primary data for the study is collected from 213 sample respondents through a well-structured questionnaire by the method of convenient sampling using charts, graphs, percentages, and chi-square test. The information was collected such as  age, gender, occupation, and educational qualification. Results also shows that strong refusal of cashless transactions by the people from urban and rural areas since there is a high evident of data theft and security hacks, It has been determined that a cashless economy would enable transparent, efficient, and quick transactions, but there are several real-world issues with its widespread implementation which can be remedied by only the people and policymakers by changing and re-enforcing the existing policies.